The Pound Sterling (GBP) recorded a fresh 12-month high above 1.3000 against the US Dollar (USD) but the GBP/USD pair snapped its two consecutive weekly gains to settle in the red.
The Pound Sterling reached its highest level in a year versus the US Dollar, 1.3050 tested. GBP/USD appears to be a ‘buy-the-dips’ trade in the action-packed week ahead. Pound Sterling reverses from the overbought zone, implying more upside going forward. The Pound Sterling recorded a fresh 12-month high above 1.3000 against the US Dollar but the GBP/USD pair snapped its two consecutive weekly gains to settle in the red. Pound Sterling briefly recaptured the key 1.
Therefore, speculations surrounding the Fed and BoE interest rate expectations and potential trade concerns will continue to have a pivotal role. The mid-tier US Existing Home Sales is the only relevant data due on Tuesday. However, Wednesday will feature the preliminary S&P Global Manufacturing and Services PMI data from the UK and the US. Meanwhile, the advance second-quarter Gross Domestic Product data from the US will grab the eyeballs on Thursday.
Currencies Majors Technical Analysis
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD Forecast: Dovish BoE hold could weigh on Pound SterlingGBP/USD stays relatively quiet and fluctuates in a tight channel above 1.2700 in the European morning on Thursday.
Read more »
GBP/USD Forecast: Pound Sterling losses mount on rising BoE rate-cut betsThe Pound Sterling (GBP) extended its losing streak against the US Dollar (USD) into the third straight week, knocking off GBP/USD to a fresh monthly low below 1.2650.
Read more »
GBP/USD Forecast: Pound Sterling fails to attract buyers ahead of UK electionThe Pound Sterling (GBP) continued to weaken against the US Dollar (USD) for the fourth week in a row, dragging the GBP/USD pair to a six-week low just above 1.2600.
Read more »
GBP/USD Forecast: Pound Sterling holds steady on UK election dayGBP/USD advanced toward 1.2800 and reached its highest level since June 13 on Wednesday.
Read more »
GBP/USD Forecast: Pound Sterling looks north after UK electionThe Pound Sterling (GBP) built on the previous week’s rebound against the US Dollar (USD), driving the GBP/USD pair back toward 1.2800, the highest level in nearly three weeks.
Read more »
GBP/USD Forecast: Pound Sterling awaits high-impact UK data for further upsideThe Pound Sterling (GBP) extended its two-week uptrend against the US Dollar (USD), as the GBP/USD pair clinched fresh 2024 highs.
Read more »